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The Company Behind the Digital Dollar Is Stockpiling Gold

ITM Trading Podcast

[SPEAKER_A] So there's a former nuclear bunker in Switzerland that's being quietly filled with gold. I'm talking about hundreds of thousands of ounces. Now, at first, I assumed it was a central bank behind this because who else buys gold at that scale? But it turns out it's a private company. But not just any company. One whose entire business depends on people trusting the U.S. dollar, which is strange enough, but It gets stranger. This company is also one of the largest U.S. Treasury debt holders on Earth, larger than Germany, Israel, or Saudi Arabia, which means they are simultaneously buying the asset that backs the dollar and the asset that people run to when confidence in currencies collapse, which is when I realized the question isn't why are they buying so much gold, it's what do they know about what's coming next that we don't? The company is called Tether, and despite being virtually unknown most Americans, it has quickly become the most important dollar business in the world, with more than 120 million people in over 160 countries using it to save, spend, and in some cases even escape the collapse of their own currencies. Now, every digital dollar that Tether issues is backed by a reserve, the majority of those reserves being U.S. Treasuries, which is how Tether has become the 17th largest holder of U.S. government debt in the world, which is also why what Tether is doing with their profits is worth paying attention to. So last year, something in Washington changed that connects all of this. The Genius Act was signed into law. Now, most of the news coverage focused on how this impacted crypto, but U.S. Treasury Secretary Scott Bessen said something that stood out to me.

The Company Behind the Digital Dollar Is Stockpiling Gold

Read the full transcript

The candid version is on a podcast,
not the earnings call.

The Company Behind the Digital Dollar Is Stockpiling Gold

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.